The present invention is directed to a new catalyst composition for the dehydrogenation of paraffins, especially gaseous paraffins, e.g., ethane, pentane, butane, isobutane, and isopentane, to their respective olefin derivatives. Preferably, mono-olefins will be produced. The catalyst can also be used for the hydrogenation of olefins to paraffins or the dehydrogenation of mono-olefins to diolefins. The mono-olefins produced have high value as precursors to fuels, chemicals, and polymers. Due to equilibrium limitations, these selective paraffin dehydrogenations reactions are typically carried out at a high, but narrow temperature range, e.g., up to 650.degree. C. for isobutane dehydrogenation to isobutene, to maximize the olefin yield and minimize yields of undesired products such as alkynes, diolefins, and cracking products (lower molecular weight alkane olefin mixtures). Useful catalysts must exhibit high activity and selectivity for the desired dehydrogenation process and a minimal rate of deactivation. Furthermore, the coke formed in this high temperature process is very refractory and such coke formation may lead to deactivation. Complete coke removal can require combustion in O.sub.2 containing gas at temperatures greater than 600.degree. C. Desirable catalysts, therefore, must retain high paraffin dehydrogenation activity following high temperature regeneration in O.sub.2 containing streams.